演讲伊始，汤劲武先生便抛出一个核心观点：零售业的竞争范式已发生根本性转变。"过去粗放式的'增加人手与预算'难以为继，未来的胜负手在于谁能构 建起'数据→推理→闭环'的高效曲线。" 他指出，在零售与CPG领域，在架率、价签一致性、陈列执行这些看似传统的运营指标，正成为新的增长效率杠杆。而企业的核心竞争力将体现在两道护城 河上：一是数据的广度与新鲜度，二是将数据转化为可执行决策的推理能力。 为厘清行业演进路径，汤劲武先生系统性地阐述了零售AI的三次浪潮： 9月16日至18日，备受瞩目的2025 SPAR国际互联零售峰会与供应链峰会在北京隆重召开。作为全球零售界的年度盛事，本次峰会聚焦数字化时代下的零售 创新与供应链增效。朗镜科技（Trax中国）创始人兼CEO汤劲武（James Tang）受邀出席并发表主题演讲，以前沿的行业洞察与技术实践，为现场来宾勾勒 出一幅零售智能化的未来图景。 · 第一浪潮·数字化记录：将业务搬至线上，实现"有据可查"。 ▲朗镜科技 （Trax中国）CEO汤劲武在SPAR峰会发表演讲 ▲峰会现场嘉宾云集 · 第二浪潮·自动化识别：利用CV/OCR技术，解决"看见"的问题，实现"有图可看"。 ...

Group 1: Company Strategy and Management - The company plans to continuously learn from advanced management experiences in the industry to enhance store intelligent operation management and improve consumer experience [1] - There is no current plan to introduce the management team from Pang Donglai, but the company will focus on improving product offerings and service experiences [4] Group 2: Marketing and Brand Activities - The company is organizing brand promotion activities during the National Games, focusing on the peak consumption seasons of Mid-Autumn and National Day, with events like the "Friendship International Fashion Festival" [1][2] - The company is leveraging the National Games to enhance brand visibility through immersive sports-themed activities and collaborations with well-known brands [2][3] Group 3: Technological Integration and Customer Experience - The company is developing a smart customer service platform and deploying intelligent shopping assistants to improve customer service and operational efficiency [2] - The company is enhancing its "buy and return" services across its stores to provide convenience for customers [3] Group 4: Community Engagement and Local Development - The company has established multiple store formats in key areas of the Greater Bay Area to provide one-stop shopping, dining, and entertainment services, contributing to the "15-minute living circle" concept [2] - The company is collaborating with tourism and hotel sectors to offer integrated services for visitors, capitalizing on the opportunity presented by the first duty-free store in Guangzhou [3]

Investment Rating - The report maintains an "Outperform" rating for the company, expecting a relative increase of over 10% compared to the benchmark index in the next 12-18 months [4][17]. Core Insights - The company achieved high-quality and steady growth in the first half of 2025, with significant profit performance and continuous innovation in AI retail products, positioning it to benefit from technological changes in the industry [1][4]. - Revenue for the first half of 2025 reached 1.078 billion RMB, a year-on-year increase of 14.8%, while gross profit was 414 million RMB, up 15.2% [4]. - The company has a strong customer retention rate, with a net revenue retention rate of 107%, and has successfully expanded its customer base by signing contracts with notable clients [4][5]. Financial Summary - The company is projected to achieve total revenue of 2.222 billion RMB in 2025, with a compound annual growth rate (CAGR) of 19.5% from 2023 to 2025 [3][4]. - The forecasted net profit attributable to the parent company is expected to turn positive in 2025, reaching 151 million RMB, with further increases to 270 million RMB in 2026 and 411 million RMB in 2027 [3][4]. - The report provides a dynamic price-to-sales (PS) ratio of 5.5 for 2025, with a target price of 14.18 HKD, based on a conversion rate of 1 HKD = 0.92 RMB [4][5]. Customer and Product Development - The company has implemented a dual-driven strategy focusing on both existing and new customers, leading to a significant increase in revenue from independent clients, which grew by 44.21% year-on-year [4]. - New AI-driven retail solutions have been launched, including systems for supply chain management and store operations, enhancing operational efficiency and product offerings [4][5].

Group 1 - The company, Multi-Point Intelligence, achieved a significant turnaround in the first half of 2025, reporting a revenue of 1.078 billion yuan, a year-on-year increase of 14.8%, and a net profit of 62.17 million yuan, marking a return to profitability [2] - Adjusted net profit grew by 152.5% to 77.01 million yuan, indicating strong operational improvements [2] - The AI retail business showed robust growth, with core solution revenue reaching 488 million yuan, up 16.2%, and value-added service revenue at 591 million yuan, up 13.7%, reflecting an optimized profit structure [2] Group 2 - The company expanded its customer base, signing new clients such as Shanghai Sugar and Tobacco Group and Xinjiang Huijia Times, while deepening relationships with existing clients like Pang Donglai [3] - As of June 2025, Multi-Point Intelligence served a total of 438 clients across various retail formats, with a customer net revenue retention rate of 107%, maintaining a high level above 100% for multiple periods [3] - The company continued to enhance its international market presence by collaborating with top retail groups like DFI Retail Group and SM Group, supporting the digital transformation of the Asian retail market [3]

Core Insights - The company, Multi-Point Intelligence, reported a revenue of RMB 1.078 billion for the period ending June 30, 2025, representing a year-on-year growth of 14.8% [1] - The net profit reached RMB 62.17 million, marking a turnaround from losses, while adjusted net profit surged by 152.5% year-on-year to RMB 77.01 million [1] Revenue Breakdown - Revenue from AI retail core solutions amounted to RMB 488 million, reflecting a year-on-year increase of 16.2% [1] - Revenue from AI retail value-added services was RMB 591 million, showing a year-on-year growth of 13.7%, indicating a dual-driven growth strategy [1] Customer Metrics - The total number of customers served by Multi-Point Intelligence reached 438, covering various formats such as chain supermarkets, convenience stores, and specialty shops [1] - As of June 2025, the customer net revenue retention rate stood at 107%, consistently maintaining above 100% over multiple periods [1]

Core Insights - The company reported a revenue of 1.078 billion yuan for the first half of 2025, representing a year-on-year growth of 14.8% [1] - The net profit reached 62.17 million yuan, marking a turnaround from loss to profit, with adjusted net profit increasing by 152.5% year-on-year to 77.01 million yuan [1] Business Segments - Revenue from AI retail core solutions amounted to 488 million yuan, reflecting a year-on-year growth of 16.2% [1] - Revenue from AI retail value-added services was 591 million yuan, showing a year-on-year increase of 13.7% [1]

Group 1 - The company reported total revenue of approximately RMB 1.078 billion for the six months ending June 30, 2025, representing a year-on-year growth of 15% [1] - The company achieved a profit of approximately RMB 62 million during the same period, compared to a loss of RMB 249 million in the previous year [1] - Adjusted profit from continuing operations reached approximately RMB 77 million, indicating a significant improvement in financial fundamentals [1] Group 2 - The company served 438 clients during the reporting period, continuing to acquire benchmark clients in the retail sector [2] - New contracts were signed with several clients, including Shanghai Sugar and Wine Group and Xinjiang Huijia Times, in the AI retail core solutions business [2] - The company maintained a customer net revenue retention rate of 107% over the past twelve months, consistently exceeding 100% [2]

Investment Rating - The report maintains a "BUY" rating for Dmall Inc, with a target price raised to HK$16.00 from the previous HK$8.50, indicating a potential upside of 22.5% from the current price of HK$13.06 [1][3]. Core Insights - Dmall achieved full-year breakeven in FY24, with total revenue increasing by 17% YoY to RMB1.86 billion and an adjusted net profit of RMB29.8 million, a significant turnaround from an adjusted net loss of RMB277 million in FY23 [1][2]. - The company is focusing on AI retail to drive long-term growth, having launched several AI agent products that are expected to contribute to revenue in the long term [1][6]. - For FY25E, management anticipates total revenue growth of 15-20% YoY, with further margin expansion expected [1]. Financial Performance - FY24 revenue was RMB1.86 billion, up 17.3% YoY, with adjusted net profit of RMB29.8 million compared to a loss of RMB233 million in FY23 [2][10]. - Revenue from the retail core service cloud solution grew by 39% YoY to RMB1.81 billion, with AIoT solutions revenue increasing by 65% YoY to RMB1.02 billion [6][10]. - Gross profit margin improved from 35.0% in FY23 to 40.1% in FY24, and adjusted net margin rose from -14.7% to 1.6% [6][10]. Revenue Forecasts - Revenue forecasts for FY25E and FY26E have been revised downwards due to a slower customer acquisition pace, with FY25E revenue now expected at RMB2.19 billion, a decrease of 14.6% from previous estimates [7][10]. - The adjusted net profit for FY25E is projected to be RMB134 million, reflecting a growth of 351% YoY [2][10]. Valuation Metrics - The target price of HK$16.00 is based on a valuation multiple of 6.0x FY25E EV/sales, which aligns with the average EV/sales of global SaaS peers [3][8]. - The report highlights a significant improvement in operating profit, projecting RMB121 million for FY25E, compared to a loss in previous years [7][10].